COMMERCIAL.

Otago Daily Times, Issue 12482, 13 October 1902, Page 4

COMMERCIAL.

Daily Times Office, Saturday evening.

The amount of revenue collected at tho Dunedin Custom House to-day on goods cleared for consumption was £525 2s sd. PRODUCE MARKET. Messrs .A. Moritzson and Co., in pursuance of cabled instructions from London, a,re executing orders for 171b cocksfoot at 603, c.i.f., and for 161b cocksfoot at 58s, e.i.f. The prospects for the Australian, dairy industry are thus foreshadowed in Adelaide advices under date October 1: A very active business has been done in dairy lines, and higher values have averaged than expected. The seasonable increase in supplies of butter is later than usual, and fears are held that the flush time will be very short. There is a little surplus over our immediate local wants which readily finds a good market in the Barrier and AVest Australian trade, and it is to be. regretted the quantity is not larger as demand is good. The down trend in price that showed at the beginning of September was quickly checked by a renewed demand upon. Victorian supplies from Queensland and New South Wales. This affected values here, hence better average than was looked for. Price, however, has eased down during the past few days, and may for a week or two drop further, but low rates for butter need not be feared to last long this season. The Cd per dozen duty on eggs in the Federal tariff, by restricting importations to the Eastern States from China and adjacent countries, has forced demand this way, so that values are ruling quite 2d per dozen higher here than otherwise would, although the production has increased. A slight local casing in the cost of live material caused bacon curers to;lower their quotations slightly, but improved Inter-State demand is likely to clear out any surplus bacon or hams that may be available on this market at present quotations. Cheese has continued in good demand at steady values. BREADSTUFFS. The wheat market is keeping- exceedingly firm, with an advancing tendency, nnd millers are paying up to 4s Id on trucks for Tuscan and 4s 3d on trucks for velvet to fill immediate requirement?. Even at these high figures holders are not too anxious to make sales. The importations of Manitoba, flour have made any advance in the price of local flour out of the question, and should the price of wheat advance further millers will be face to face with two unpleasant alternatives—of either manufacturing at a loss or closing down altogether. Already some of the Ot-ago and Canterbury mills have shut down, and it- is rumoured that others will shortly be following suit. With regard to the Australian market, Messrs A. V/. Sand ford aiKl Co,,' in their Adelaide monthly report under date October 1, state: — It is thought by some that the breadstuffs market in Europe is not likely to affect Australian wheat-growers during ths next season, as stocks here are about eaten out, and the prospects not very bright of raising any surplus for shipment from the coming harvest, even in the exporting States of South Australia and Victoria. Still, it /ds interesting to know English buyers are already regretting that dry Australian wheat is not likely to be coming forward to mix with their sample, which this season is "unusually moist. The bountiful crops in America, especially Canada, will probably keep values down, so that shipments, if any, from the Commonwealth are likely to be very light. During the month Sydney has continued to draw upon Victoria and this State for wheat, so' that values in Melbourne advanced to 4s 9d, whilst some 15,000 bags were sent from here at 4s Bkl, f.o.b. A dulness, however, has since set in, and the market at the moment is lifeless, owing to the check in export demand, whilst local millers are not anxious buyers. The September rains caused Sydney orders for forage to slacken, but demand from AVestern Australia for bran has reawakened interest in this line. Considerable shipments of chaff are being made to Sydney, but mostly in fulfilment of previous orders booked. The rains in New South AVales caused a drop in hay of 30s per ton here, but as dry weather has supervened we wilT probably have that State again in our market a.s a buyer. Feeding grains are dull, with quotations nominal. IMPORT MARKET. Probabilities point to a drop in the price of The barque C. Paulsen is duo with 6000 cases for Wellington and 4000 cases for Christ church, and there are outside consignments. As soon as the barque comes alongside the Wellington wharf it is more than likely that the Colonial Oil Company will drop their price, so as to spoil the sale of the free oil. And although none of the free oil is consigned to Dunedin, the reduction may apply to the whole colony. Under the recent arrangement distributors are protected against a fall, an<;l therefor© the market movements have not much interest for merchants. Stocks are ample, and the demand, as is usual at this time of the year, is slackening off. The s.s. Goodwin, which left New York on August 21 and comes to New Zealand direct, brings 9500 oases for Dunedin, followed by the I^ethington, Via Australia, with 12.000 cases.

As showing the growing popularity of Adelaide salt, it may be mentioned that of the 400 tons of Castle extra fine and Pig coarse brought by the Dunblane 200 tons were sold direct from the wharf, and this on the top of the cargo brought to Oamaru a short time since.

The Fereric- brought the first consignment of new season's salmon from Vancouver, and this, transhipped from Auckland by the Te Anau. is now be-ing quoted at 9s to 9s 6d for flats and 8s 3d to 8s 6d for tails, or about 2d per dozen higher than last season. There is every prospect of the higher prices being maintained.

Stocks of dressed Japan rice are very small, and the market is firm at £16 5s to £16 10s. At present quotations it would cost close on £16 to lay down fresh supplies, but, as the rice market usually recedes at this time of • the year, buyers are exercising caution before operating.

Advices from Smyrna/ report an advance in new sultanas equal to about £2 per ton. Samples of the new season's fruit have reached this market, and show very little difference between the "average Australian" and the "choice" fruit: in fact, the " average Australian sample this season is quite up to the "choice" of last year, and shows a bright, well-filled raisin. Samples are- also to hand of the low-grade fruit which has beon quoted at such cut prices. It contains a lot of dark and shrivelled fruit, and is altogether of very inferior quality. Sales by sample of the "average Australian," due here in about a month's time, have been made at 5d to s^d.

Advices from Melbourne etate that the growing hop crop in A 7 ictoria- will be the smallest produced for over 20 years, as most growers have given up the industry. From 500 to 600 bales is the outside quantity that can be looked for under the most favourable conditions. This will throw agreater demand on to Tasmania, and will thus, despite the duty, indirectly reflect on this market. English mail advices also confirm the shortage in the Kent- crop already reported in our cables. A member of a prominent firm of lion factors in London is said to have expressed the opinion that £15 per cwt- is quite likely to be reached. On the Continent, too, the. crop is reported as short, no country except- Russia, having any surplus worth mentioning, and Russian hops are not liked.

Recent Now York advices concerning the glucose situation are full of interest, as witness the following: —

The market still remains firm for "Buffalo A" at £11 Gs per ton, and although the New York Glucose Company, controlled by the Standard Oil or Rockefeller interests, has finally merged into the Corn Product Company. giving this concern absolute control of all the glucose business of this country, no immediate alteration in price is anticipated. At the same time, in view of the promise of an extraordinary large corn crop, and the consequent reduction in the price, it is not reasonable to suppose that the present high rates will hold, although, as far as this country is concerned, there is no opposition, the Com Pvodxict Company (the name under which this new combine will trade), being really a monopoly. It is interesting to note that a few months ago. when tha two concerns referred to had a war on nrices, and were offering glucose as low as l.ROilol pcr'lOOlh. comparatively speaking little business was done with Australia, whereas at the nresent moment quite heavy shipments have been made oil the high basis of 2,42d0l per 1001b.

F'RO'PERTY SALE. Messrs J. Samson and' Co. held'a sale of freehold property on Sateirday, offening sections 21 22 and 23, with a fnontage to Royal terrace, Kew,'of 108 links by a.depth of 300 links, and section 5, fronting FoAury road._ Section 22 was the only one. sold, r-valising £(o, .the others •being withdrawn. MEETING OF CREDITORS. An> adjourned meeting of creditors in the estate- of Robert Button, a bankrupt, was held at the Courthouse, Alexandra, on Thursday, October 2 (says the Alexandra Herald). There were 13 creditors present, and the supervisor (Mr Clarke Pa.ter.son) was voted to the cluiir. Mr Maodouald: appeared on behalf of the examined on oath! by Mr' Macdonald, said he had lived at AVilliamstown, Victoria, before lie came to New Zealand. He left AVil'liamstown about 11 years ago, at the time of the bonk failures. He went bankrupt there for allf l h* 3 estate paid about Is 3d in the pounvl. He never got his discharge. He never men tiftnccl to anyone that he was an undischarged bavkrupt. He did not keep a trust account, as -it was not usual for .sharebrokers to do so. .He received £30 from Mr Maralin for an in a syndicate winch, he was forming to buv- the Cliatto Creek dredge and claim. He had the property under offer from Mr Blair Mason. $tr Nees had also given him £25 for an interest xii the syndicate. He sold a property to Mr M'3\ath for £17 10s. Ho< had bought this property from Mr Jas. Austin some time before, but had' no money for it, and got no transfer. He &°t £20 . from Mr O'Kane in the way as fvom Mr M'Ma/.h. When he got the money from' Mr M'Msith he told him he would get the tranter, but this .he did not do. He did not owe Mrs Cameron anything except for rent. Questioned by a creditor, bankrvnt said .he <» a ve Barr, Lea'ry, and Co. about £3000 woil'-.h securities. He then owed l -them about £130 0. Mr Lawson (representing Barr, Le.nry, ai d Co.) said that at bankrupt's request he hd'd the shares taken as security for some time 1 o give the market a chance. AVlien the share s were eventually realised, the result, was thas 1 ", they brought much less than, the price put upon them when they were takeil over. Mr Macdonald advised the creditors that iz l his opinion it was advisable that a. public•• examination of the bankrupt should be held) and this was agreed to. -«3» DUNEDIN HORSE SALEYAiRDS. Messrs Wright, Stephenson, and Co. report as follows:—Saturday being a race day, our J weekly sale commenced at 9 o'clock in the-i morning instead of. at the usual hour. The»| number of horses forward was not great, but-, there was an excellent attendance of buyers, | and almost all of the horses entered changed! I hands at splendid prices. For examole, a very j powerful sijj-year-old draught gelding frorci Mr Alex. Townley, of Mat-aura, was sold at £5P 10s, and several aged geldings, on account of: other vendors, but fresh, at from £31 to £44.. A good stamp of a three-year-old spring-cart, colt, by Tasman. just broken, changed owners; at £30, and another spring-van horse £33. During the week, privately, we have placed': half a dozen good farm mares and geldings at ] from £'11 to £50, the lastruamed price being j obtained for a first-class three-year-old gelding j by Royalist. The demand for good harness : horses was verv brisk, and we have to record , the following sales—viz.: Chestnut mare, five; years old (for butcher's cart), £30; roan cob ; gelding (for dog-ca.rt), £24; brown mare (for! spring-cart), £25; and several useful hacks and I harness horses at from £14 to £18 10s. The

supply of both draught maTes and geldings and . strong harness horses continues far j short of. the demand, and we can unhesitatingly recommend consignments with the [ fullest assurance that results will satisfy clients j who may decide to try this market. AVe quote : i Superior young draught geldings, £48 to £sb; extra gcod, prize horses, £5G to £G0; medium -draught mares and geldings, £35 to £47; aged do, £20 to £32.; upstanding carriage hors3s, £30 to £35; well-tnatehed carriage pairs, £70 i to £90; strong spring-van horses, £30 tc £!'G; miD;-caii and butchers' order-cart horses, £22 to £28; tram horses, £1G to £24; light hacks, £10 to£l;5; extra good hacks, £18 to £25; weedy !iand aged .hacks and harness horses, £4 to i' c l . INATSSTMENT STOCKS. The Dunedin. Stoe,k Exchange reports the .following quotations on Saturday: — i National Insurance—Sellers £1 2s. jj New ZecSand Insurance—Sellers £3 18s 6d. 1 I Westport Coal —Buyers £5 Ss. New Zealand Drug (£2 paid)— Buyers £2 5s •Cd, sellers £2 Gs 6d. | Oamaru AVoollerf—Buyers £1 16s Gd. Commercial Property—Sellers 3s. Donagliy's Rope and Twine Debentures— Buyers £5«Gs. Barr, Leary, and Co., stock and sharebrokers, Duneclh'n. —Investment share? and debentures a specialty. Communications invited re invest- ( jr.ents for small or large sums. Investment sharesv-can bo supplied at market quotations.— Aidvt.